The team was founded by Spanish ex-Formula 1 driver Adrian Campos in 2010, when three new teams were invited to enter the championship, as Campos Meta but the outfit hit immediate financial trouble.

It was renamed Hispania in a rescue operation led by Murcia-based businessman Jose Ramon Carabante and Colin Kolles before being taken over by Thesan Capital in July last year.

The new owners decided to relocate the team to Madrid's 'Magic Box' in an attempt to create an identity as a Spanish national team.

But the move failed to attract new investment in the team with Spain hit hard by the financial recession.

The team finished last in the 2012 standings after a dismal year and it is believed they debated not competing at the Brazilian GP, as the team simply did not have the financial resources to replace parts on the car.

Japan's Super Aguri were the last Formula 1 team to fold, during the 2008 season due to financial problems.